Business
Adcore Reaffirms Guidance for Fourth Quarter 2022 and Boosts Cash Position by 7%
TORONTO, ON / ACCESSWIRE / March 2, 2023 / Adcore Inc. (the " Company " or " Adcore ") (TSX:ADCO...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reaffirms Guidance for Fourth Quarter 2022 and Boosts Cash Position by 7%TORONTO, ON / ACCESSWIRE / March 2, 2023 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ)(TSX:ADCO-WT), a leading e-commerce advertising management and automation platform company that leverages digital marketing in an effortless and accessible way (\"Effortless Marketing\"), today announced that as a result of additional visibility, it is reaffirming preliminary guidance that was originally published on December 16th, 2022 for its fourth quarter 2022.The Company announced that with the visibility it has today, the results for the quarter are expected to be in the upper range of the prior projection. Previously the company guided revenue of CAD$8 million to CAD$9.1 million, with expected gross profits between CAD$2.7 million and CAD$3.7 million, on expected gross margins of approximately 40%. In addition, Adcore is pleased to report that as of December 31, 2022, its cash position has increased by 7% to CAD $8.8 million compared to CAD $8.2 million on September 30, 2022.Omri Brill, CEO of Adcore, commented, \"This is a significant accomplishment for our company, and we are proud of our team's hard work and dedication in achieving these positive results. The increase in our cash position will allow us to continue investing in new initiatives and driving growth for our business. We would like to thank our shareholders and stakeholders for their continued support and look forward to providing further updates on our future plans and progress.\"ABOUT ADCOREAdcore is empowering entrepreneurs, advertisers, and the future of e-commerce through its advertising management and automation platform. By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. In addition to being named numerous times on Deloitte's Fast 50 Technology list, Adcore is a certified Google Premier Partner, Elite Tier Microsoft Partner, Facebook Partner and TikTok Partner.Established in 2006, the Company employs over fifty people in its headquart...